On Thursday, October 22nd, market concerns about AI and tech stocks triggered risk aversion, causing the Nasdaq to fall 2.6% and US Treasury yields to drop sharply. On the same day, the US bitcoin:native spot ETF saw a reversal from a net inflow of approximately $525 million the previous day to a net outflow of approximately $636 million. Even with declining risk appetite, Bitcoin continued to move in tandem with tech stocks, experiencing a correction along with them. Additionally, on that day, active buying on exchanges decreased by approximately 8.2% compared to the previous day, while active selling increased by approximately 8.3%. In simpler terms, less money was chasing prices, and more money was selling at the bid price. Both sets of data point to declining demand for ETFs and weakening buying support on exchanges, with sellers increasingly accommodating buyer offers, thus amplifying pressure on BTC prices. By Friday, macroeconomic pressures had not eased. Middle East supply concerns persisted, with Brent crude closing at $116.72 and the 10-year US Treasury yield rising to 4.99%. With oil prices remaining high, concerns about inflation and interest rates are unlikely to subside, making investors more cautious about highly volatile assets like BTC. This makes it harder for buying pressure on ETFs and exchanges to regain control over selling pressure. By the weekend, the situation had eased considerably. While active selling on exchanges still slightly exceeded active buying, the difference over the past ten hours was smaller than the difference in the morning's single hour. Total long liquidations amounted to only about $3.55 million, and contract open interest in BTC had rebounded. These data suggest that the morning's liquidation was more localized, at least during this period, without widespread forced liquidations. Sellers still have a slight advantage in the spot market, and active buying has not yet regained control over active selling. @Gate, for more market information.